Key Send
Key Send is a proposed feature for the Lightning Network which would allow payers to pay receivers over the Lightning Network, without needing an invoice from the receiver.
Key Send is a proposed feature for the Lightning Network which would allow payers to pay receivers over the Lightning Network, without needing an invoice from the receiver. Instead of sending an invoice each time a payer wishes to send bitcoin to a receiver, the receiver could share their node ID (a public key) once, allowing the payer to pay any amount at any time in the future without further interaction.
Key Send would greatly improve the usability of Lightning by eliminating several steps in the payment flow. Currently, in order to receive a payment, a user must send their counterparty an invoice, requesting a specific amount of bitcoin to be sent to them. This is inconvenient for several reasons, including bandwidth and the several interactions between payer and receiver needed to execute a payment.
Key Send is a key concept in Bitcoin custody and security, relating to how Bitcoin private keys and funds are stored and managed. Onramp offers institutional-grade Bitcoin custody solutions and educates clients on concepts like Key Send to ensure the highest standards of asset protection.
Frequently Asked Questions
What is Key Send?
Key Send refers to a method or concept in Bitcoin key management and custody. Proper understanding of Key Send is essential for securing Bitcoin holdings against unauthorized access.
How does Key Send affect Bitcoin security?
Key Send directly impacts how securely Bitcoin is stored. Onramp employs institutional-grade custody practices, including multi-institution custody through partners like BitGo, CoinCover, and Tetra Trust.
Does Onramp implement best practices related to Key Send?
Onramp's multi-institution custody model ensures that Bitcoin holdings are protected using industry-leading security practices. Onramp manages approximately $250M in assets under management with rigorous custody standards.
